AvidXchange, a U.S. fintech that provides accounts payable and automated payment solutions to midsize businesses, announced on Tuesday it is set to acquire accounting solutions provider, BankTEL. AvidXchange reported that as one of its companies BankTEL will be able to offer its clients access to the AvidPay Network to complete the AP process with electronic payments, while AvidXchange’s financial services customers will benefit from enhanced accounting offerings through BankTEL’s product suite.
“This is the fifth acquisition we’ve made in ten years and it’s unique because of BankTEL’s strength in the financial services market. I know first-hand what it takes to build a successful company from scratch, and the niche BankTEL has been able to carve out with middle market banks is the perfect complement to what we’ve worked to create over the last 19 years at AvidXchange.”
AvidXchange also reported that integrating AvidPay into BankTEL’s ASCEND solution gives its customers more industry-specific capabilities for AP, fixed assets, and prepaid and accruals. The company added:
“Critical functionality, including tracking dividend payments to shareholders and risk assessments, is directly incorporated into AP and payment processes, helping banks and credit unions to automate manual operations while maintaining regulatory compliance.”